Retainer
Exhibit 10.26
Director Compensation for
Non-Employee Members of Board
| Cash Compensation |
| Retainer |
| per qtr |
| ||||
|
|
|
|
|
|
| ||||
| Annual BOD Retainer (payable quarterly in advance) |
| $ | 30,000 |
| $ | 7,500 |
| ||
| Annual Audit Committee Chair Retainer (payable quarterly in advance) |
| $ | 10,000 |
| $ | 2,500 |
| ||
| Annual Other Committee Chair Retainer (payable quarterly in advance) |
| $ | 5,000 |
| $ | 1,250 |
| ||
| Meeting Fees |
| In Person |
| Telephonic |
| ||
| BOD |
| $ | 1,500 |
| $ | 500 |
|
| Any Committee |
| $ | 500 |
| $ | 500 |
|
Restricted Stock
Any new non-employee director who has not been in our prior employ will receive an initial grant of restricted stock with a fair market value of $30,000. Each non-employee director shall receive an annual grant of restricted stock with a fair market value of $30,000. The restricted stock awards will be granted to each director upon election and will be vested on the first anniversary of the date of grant.
Non-employee directors shall be reimbursed for travel expenses incurred in attending Board of Directors and Committee meetings.
